SEC probing Kushner family's company over wealthy investor visas

As Donald Trump battles to build a wall to keep Mexican immigrants out of America, the Securities and Exchange Commission is probing the real estate company owned by Jared Kushner's family and its link to a lucrative federal visa program, The Wall Street Journal reported.

The commission is working with a similar probe out of the Brooklyn U.S. attorney's office, which has been investigating Kushner Companies projects that were partially financed through the visa program.

Created in the 1990s, the EB-5 program gives foreign nationals permanent residence and eventually US citizenship if they invest a minimum of $500,000 in job-creating projects in places with high unemployment.

Though the specifics of the SEC's subpoena are still unknown, it was issued the same month as a different subpoena, filed by federal prosecutors from the US attorney's office in Brooklyn, asking the company for information related to projects using funding generated from the EB-5 program.

Meyer's sordid pitch was part of a marketing campaign in Beijing and Shanghai with the goal of raising $150 million from Chinese investors -who make up the majority of EB-5 visa recipients- for the company's One Journal Square project in New Jersey. People were told that as many as 300 individuals who invested $500,000 each into the New Jersey project could be eligible for green cards, the Journal reported.

Chinese investors dominate the EB-5 program - roughly two-thirds of the 10,000 investors visas issued in 2016 were given to Chinese nationals.

Regarding the SEC inquiry, which had not been previously reported, Kushner attorney Emily Wolf's spokesman reiterated a comment made about the federal inquiry stating, "Kushner Cos. utilized the program, fully complied with its rules and regulations, and did nothing improper". Jared Kushner resigned from his role at Kushner Cos. when he went to work at the White House, but he retains a financial stake. In a statement, the Kushner Companies said they had used the program properly and were cooperating with requests for information.

Kushner Cos.is not a publicly-traded company, but EB-5 investments are considered securities.

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